Financial Daily from THE HINDU group of publications
Friday, Feb 17, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 17, 2006 |
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Money & Banking
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Private Banks Industry & Economy - Tamil Nadu Local credit L.N. Revathy
Karur has for long been identified as a region of economic promise thanks to its abundant natural resources and industrial base. The late Venkatarama Chettiar and Athi Krishna Chettiar — founders of Karur Vysya Bank, or V.S.N. Ramalinga Chettiar — founder of Lakshmi Vilas Bank provided financial support to the region's traders and agriculturists. As a result the region has emerged as a prominent financial hub. However, a closer look shows that these banks were nurtured and developed by particular communities, which also contributed to its business in a big way. While continuing to maintain their regional flavour, the banks face the challenges of globalisation and technological progress.
Lakshmi Vilas Bank
It has been an authorised dealer in foreign exchange for the last 30 years. "Our contribution is more than 40 per cent of the total advances in this region," says Chairman and CEO, Mr R.M. Nayak. It has, since its inception in 1926, established 226 branches and 11 extension counters in different parts of the country. Total business crossed Rs 6,100 crore in December 2005 and net worth is estimated at Rs 270 crore. The bank has a marketing tie-up for life and non-life insurance and mutual fund products.
Karur Vysya Bank
KVB has grown from Rs 1 lakh (owned funds) in 1916 to cross the Rs 826-crore mark September last and business volumes have grown to Rs 11,900 crore in December 2005. KVB Chairman and CEO, Mr P.T. Kuppuswamy said tech savvy services are needed to meet customer expectations. With technological upgradation the bank has networked all its 233 branches across 11 states and two union territories.
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